This reduction was seen across various categories with garment exports experiencing an 8.9 per cent fall. In detail, the exports of garments and accessories accounted for $106.894 billion, down from $117.296 billion in the corresponding timeframe in 2022.
Textile products such as yarn and fabric also witnessed a significant decrease. The first eight months of 2023 saw a dip of 11.2 per cent year-on-year, reducing the total to $90.319 billion from $101.735 billion in the same period of 2022.
In the month of August 2023, the exports comprised $11.693 billion in textiles and $16.168 billion in garments.
Furthermore, there was a notable decline in China's imports of textile yarn and fabric products, standing at $7.508 billion, 11.5 per cent less than the $8.488 billion in the first eight months of 2022. The value of these imports for August 2023 alone was $1.109 billion.
Reflecting on the previous year, 2022, the country experienced a modest growth of 2.53 per cent in the textile, clothing, and accessory sector with exports amounting to $323.344 billion. This included $175.396 billion from garments and accessories and $147.948 billion from textile products such as yarn and fabric.
ALCHEMPro News Desk (KUL)
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